Singapore police said they have commenced an investigation into Terraform Labs, the company behind the failed TerraUSD (UST) stablecoin, according to a Bloomberg report on Monday.
Police said inquiries are “ongoing” as part of its investigations “in relation to Terraform Labs,” according to the report, citing an emailed statement.
The U.S. Securities and Exchange Commission (SEC) sued Terraform last month, alleging that the company and its co-founder Do Kwon misled investors about UST’s stability.
Kwon, who is is wanted by authorities in his native South Korea, has been on the run for nearly a year now, having fled for Singapore last April, before heading to Dubai and then Serbia, which is his last known location.
Singapore police have confirmed Do Kwon is not in the city state.
The collapse of TerraUSD last year led to a wave of bankruptcies in the crypto industry, such as hedge fund Three Arrows Capital and crypto lenders Voyager and Celsius.
Neither Singapore’s police nor Terraform Labs immediately responded to CoinDesk’s request for comment.
